Hello and welcome to the details of China cracks down on hundreds of millions of dollars of government investment scams and now with the details
Nevin Al Sukari - Sana'a - Public security agencies have solved a total of more than 260 cases this year and taken down 180 criminal groups related to fake national projects involving 1.5 billion yuan (RM970 million) of funds from investors, the official Xinhua news agency reported. — Reuters pic
BEIJING, Dec 26 — Chinese police this year have cracked down on hundreds of millions of dollars of fraud cases using fabricated government documents to attract investment in fake national projects, state media reported today.
Public security agencies have solved a total of more than 260 cases this year and taken down 180 criminal groups related to fake national projects involving 1.5 billion yuan (RM970 million) of funds from investors, the official Xinhua news agency reported.
Such scams are often conducted online and with operations based overseas, tricking people into paying initial capital or membership fees, Xinhua reported. Fake poverty alleviation projects using fabricated government documents and credentials are also common.
Online fraud is particularly entrenched in China, coming at a time when its slowing economy is keen to attract investment funds both domestically and from abroad to add vigor to its many sectors and industries.
Advertisement
Global asset managers setting up shop in China grapple rampant scams where online fraudsters dupe investors with juicy returns on new products using their brands and logos illegally.
Last month, Singapore sovereign wealth fund Temasek Holdings said there had been scammers fraudulently claiming to represent its Shenzhen office and soliciting money from individuals on the premise of paying them back with commissions.
Chinese police this year started to crack down on online scams operating in Myanmar where more than 100,000 people engage in telecom fraud each day. Over 31,000 telecom fraud suspects were handed to China by Myanmar authorities in November. — Reuters
Advertisement
These were the details of the news China cracks down on hundreds of millions of dollars of government investment scams for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.
It is also worth noting that the original news has been published and is available at Malay Mail and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.
